Ecopia BioSciences Inc.
TSX : EIA

Ecopia BioSciences Inc.

December 21, 2006 13:14 ET

Ecopia Comments on Recent Market Activity

MONTREAL, QUEBEC--(CCNMatthews - Dec. 21, 2006) - In light of recent market activity, Ecopia BioSciences Inc., (TSX:EIA) ("Ecopia" or the "Company"), has been requested by Market Regulation Services Inc., on behalf of the Toronto Stock Exchange, to comment thereon. First, the Company confirms that the clinical advancement of Ecopia's first anticancer compound, ECO-4601, is progressing steadily.

Second, the Company is also engaged in discussions regarding a possible business combination. There is no assurance that a transaction will result from these discussions and no further comment will be forthcoming unless the situation warrants.

About Ecopia

Ecopia is finding novel anticancer therapies from microorganisms, one of the most prolific sources of drugs. Our current focus is to move our lead compound, ECO-4601, through the different stages of its Phase I clinical trial. ECO-4601 is a novel small molecule that crosses the blood brain barrier and is effective in significantly inhibiting growth of primary brain tumor and other types of cancers in xenograft models. Like well-known chemotherapies such as doxorubicin and mitomycin C, ECO-4601 comes from a non-pathogenic microorganism. However, unlike these drugs that were discovered decades ago, ECO-4601, the fruit of a very unique drug discovery platform called the DECIPHER® technology, represents a new chemical class, from which many analogs are being synthesized.

The common shares of Ecopia are listed on the TSX (symbol: EIA).

Additional information about the Company can be obtained from Ecopia's website at www.ecopiabio.com.

Certain statements in this press release that do not relate exclusively to historical facts are forward-looking statements. These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "targeting", "intend", "could", "might", "continue", or the negative of these terms or other comparable terminology. These statements are only predictions. In addition, this press release may contain forward-looking statements attributed to third party industry sources. Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur and may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements in this press release speak only as of the date of this press release and include, but are not limited to, statements with respect to (i) the ability to raise future capital to fund the Corporation's research and development activities; (ii) success and timely completion of clinical studies; (iii) the pursuit of clinical trials in the United States; (iv) the potential of ECO-4601 as a chemotherapy against primary brain cancer; (v) the potential of ECO-4601 in the treatment of breast, prostate, colon, lung and ovarian cancers; (vi) the identification of a second generation ECO-4601 compound; (vii) the identification of a non-ECO-4601 related compound as a candidate for another regulatory filing; (viii) the grant by the United States Patent and Trademark Office of a patent directed to ECO-4601 based on the Corporation's notice of allowance; and (ix) the earning of revenues from the exercise of exclusivity options on out-licensed patent properties may rely on a number of assumptions concerning future events and are therefore subject to a number of risks and uncertainties, many of which are outside Ecopia's control.
Actual results may therefore vary materially from the expectations expressed by the Corporation and depend on a number of factors. These factors include, but are not limited to: (i) the possibility of delays in approval of patients in Phase I trial; (ii) scientific uncertainties relating to the correlation between preclinical animal data and human clinical data; (iii) the safety and efficacy of ECO-4601 as a cancer treatment; (iv) timely progress and completion of Phase I study; (v) withdrawal of a notice of allowance by the United States Patent and Trademark Office; (vi) uncertainties related to the regulatory process for drug development; (vii) the ability for the Corporation to fund its future operations in light of the lack of operating revenues for the years to come;(viii) and the impact of general economic conditions. A more complete discussion of the risks and uncertainties facing the Corporation appears in Ecopia's 2005 Annual Report under Management's Discussion and Analysis of Financial Position and Results of Operations for fiscal 2005 and the 2005 Annual Information Form available at www.sedar.com. Except as required by law, Ecopia does not undertake and disclaims any obligation to update or revise its forward-looking statements or forward-looking information whether as a result of new information, future events, or otherwise.

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